WIR Bank
Complementary Currency BankSwiss cooperative bank operating since 1934, enabling SMEs to trade using WIR franc complementary currency.
| Type | Complementary Currency Bank |
| Region | Switzerland |
| Status | Active |
| Links |
M69 Score
M69 Alignment2.7
Weakly aligned
1.02.03.04.05.0
Monetary Sovereignty2.6
Issuance (3x) + Stability (2x) + Fiat Indep. (2x)Civilizational Durability2.6
Sovereignty + Governance + ResilienceUniversal Adoption3.3
Traction (2x) + InclusivityIss Mod3x
3.0
Stability2x
3.3
Fia Ind & Int2x
1.3
Traction2x
3.6
Sovereignty
1.3
Governance
2.7
Resilience
3.7
Inclusivity
2.6
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Key Findings
Traction is strong (3.6/5.0) driven by exceptional longevity and merchant adoption45,000-60,000+ Swiss SMEs accept WIR, with peer-reviewed academic research and major institutional recognition. However, this score is tempered by the declining WIR currency usage trend, even as the bank itself grows through conventional CHF products.
Fiat Independence (1.3/5.0) and Sovereignty (1.3/5.0) are the weakest categoriesbecause WIR is fundamentally a product of the Swiss banking system, not an alternative to it. The 1:1 CHF peg, FINMA regulation, mandatory KYC/AML, full custodial control, and closed proprietary infrastructure create near-total dependence on fiat banking infrastructure and state permission.
The tension between institutional durability and monetary sovereignty is the defining paradox of WIR.The very features that make it resilient (banking license, FINMA regulation, cooperative law, institutional continuity) are the same features that score lowest on sovereignty and fiat independence. WIR survived 90 years precisely because it integrated into the regulated banking system -- but that integration is antithetical to the M69 vision of technologically enforced, state-free money.
The abandonment of Gesellian principles (demurrage removed 1948, "free money" doctrine renounced 1952) represents a historical pivotfrom monetary innovation toward conventional banking. The original WIR vision was closer to the M69 manifesto; the current WIR is a conventional banking product that happens to issue a parallel unit. This trajectory is the opposite of what M69 envisions.
Big takeaway: WIR proves that complementary currencies can endure for nearly a century and reach meaningful scale (60,000+ businesses, billions in turnover), but its path required deep integration with the very fiat banking system that M69 seeks to transcend.For the M69 community, WIR is an invaluable proof-of-concept for complementary currency longevity, but its architecture is a cautionary example of how institutional survival can come at the cost of monetary sovereignty.
Detailed Rating Breakdown
Framework v0.2-alpha · Rated 2026-04-12WIR Waehrung (WIR Currency) is a Swiss complementary currency system operated by WIR Bank Genossenschaft (WIR Bank Cooperative), a FINMA-regulated Swiss cooperative bank headquartered in Basel. Founded in 1934 by Werner Zimmermann and Paul Enz during the Great Depression -- inspired by Silvio Gesell's "free money" theories -- WIR is one of the oldest and most successful complementary currencies in the world. The system operates as a B2B mutual credit and payment network among Swiss SMEs, with approximately 60,000 member businesses exchanging goods and services using WIR Francs (CHW), which are pegged 1:1 to the Swiss Franc. WIR Bank received its banking license in 1936, and since 1999 has also offered conventional CHF banking services. In 2024, the bank reported total assets of CHF 6.6 billion, a profit of CHF 17.5 million, and approximately 230-280 employees across eight branches in Switzerland. From an M69 alignment perspective, WIR exhibits remarkable strengths in resilience and traction. Having operated continuously for over 90 years through the Great Depression aftermath, World War II, multiple recessions, the 2008 financial crisis, and the COVID-19 pandemic, WIR is arguably the most battle-tested complementary currency in history. Academic research by Stodder (2009) and Stodder & Lietaer (2016) has empirically demonstrated its counter-cyclical properties -- WIR usage increases during recessions, providing macroeconomic stability. The cooperative governance structure and FINMA regulation provide institutional durability. However, WIR faces significant M69 alignment gaps. Its 1:1 peg to the Swiss Franc makes it fully fiat-dependent for its unit of account. The system is entirely centralized within a single regulated bank, with full custodial control over member accounts and comprehensive KYC requirements as mandated by Swiss banking law. The technology infrastructure is proprietary and closed-source, with no open standards for interoperability. Furthermore, WIR currency usage has been declining in recent years, described as "sluggish" in the bank's 2023 reporting, even as the bank's conventional CHF business grows. The early demurrage feature (1934-1948) that aligned with Gesellian principles was abandoned, and the system now operates as a conventional banking product within the Swiss regulatory framework.
Issuance Model3x3.0
| Code | Question | Score |
|---|---|---|
| IM-01 | Is issuance permissionless?Restricted to approved entities. Any Swiss SME can apply, but membership requires WIR Bank approval, KYC as mandated by FINMA banking regulation, payment of fees, and acceptance of cooperative rules. Credit limits are set by the bank. This is a permissioned system administered by a single licensed bank. | 2 |
| IM-02 | Is new supply created through debt?Mixed model. WIR credits are created through lending by WIR Bank -- the bank extends credit in WIR Francs, similar to how any bank creates money through lending. Members borrow WIR at low interest rates (as low as 1% for mortgages). However, WIR credits also circulate through trade among members, with the mutual credit aspect meaning positive balances arise from selling goods/services. The initial creation mechanism is credit-based (debt), but circulation is trade-based. | 3 |
| IM-03 | Is issuance tied to measurable real-world economic activity?Partially linked. WIR credits enter the economy through business lending (mortgages, working capital loans) secured by real assets pledged by members. Credit limits are tied to members' business capacity. The system inherently links supply to real B2B trade activity among Swiss SMEs. However, the bank exercises discretion in lending decisions, and there is no algorithmic link to a verifiable economic index. | 3 |
| IM-04 | Does the issuance model have a supply cap or hard ceiling?Soft cap with institutional override. WIR supply is managed by WIR Bank through its lending operations, subject to FINMA prudential regulation. There is no hard supply cap, but the bank's capital adequacy requirements and lending policies create practical bounds. Supply can expand (more WIR loans) or contract (loan repayment), though expansion and contraction are at the bank's discretion. | 3 |
| IM-05 | Can supply contract (burn/redemption) as well as expand?Contraction occurs through loan repayment. When businesses repay WIR loans, WIR credits are effectively extinguished. This is analogous to conventional bank money destruction through loan repayment. Contraction is real and ongoing but depends on borrower behavior and bank policy, not automatic algorithmic adjustment. Academic evidence confirms that WIR turnover contracts during economic booms and expands during recessions (counter-cyclical). | 4 |
Spending Power Stability2x3.3
| Code | Question | Score |
|---|---|---|
| SPS-01 | What mechanism does the protocol use to target spending power stability?WIR Bank maintains its 1:1 CHF peg through institutional banking mechanisms: controlled lending (credit creation in WIR), interest rate management, FINMA-regulated reserve requirements, and administrative peg enforcement. This is a reactive mechanism with institutional oversight -- the bank adjusts lending and manages the WIR money supply to maintain parity. | 3 |
| SPS-02 | What benchmark is used to measure spending power?WIR is pegged 1:1 to the Swiss Franc, a single well-defined reference that delivers low inflation and stable prices. The CHF is one of the strongest and most stable fiat currencies globally, providing a concrete, proven stability target. | 3 |
| SPS-03 | How transparent and verifiable is the stability measurement?WIR Bank is FINMA-regulated and publishes annual reports audited by independent auditors. The 1:1 CHF peg is verified through regulatory compliance. Off-chain institutional transparency with published methodology and periodic third-party audit. However, informal market discounting of ~20% reported by the Witt report suggests some gap between nominal and effective value. | 3 |
| SPS-04 | What is the protocol's historical deviation from its stability target?The formal 1:1 CHF peg has been maintained for 90+ years (since 1934). Within its formal system, deviation from the 1:1 peg is 0% -- all transactions settle at par. This is <2% annualized deviation over 3+ years (indeed 90+ years). While informal market discounting exists, the administered peg within the WIR system itself has held perfectly. | 5 |
| SPS-05 | Does the protocol distinguish between short-term volatility and long-term purchasing power drift?The CHF peg targets short-term price stability only. Long-term purchasing power drift (Swiss inflation, historically very low) is fully inherited. The original Gesellian demurrage (1934-1948) was abandoned. Provides nominal but not real purchasing power preservation. | 3 |
| SPS-06 | Is the stability mechanism accessible globally?WIR is restricted to Swiss businesses that are members of the WIR Bank cooperative. Access is limited to Switzerland and requires formal membership, KYC under FINMA banking regulation, and payment of fees. | 2 |
Fiat Independence & Interoperability2x1.3
| Code | Question | Score |
|---|---|---|
| FI-01 | What is the protocol's unit of account?Hard-pegged 1:1 to the Swiss Franc. The WIR Franc (CHW) is explicitly defined as equivalent to 1 CHF. All pricing, credit limits, and transactions are denominated in CHF-equivalent terms. The unit of account is fully borrowed from the Swiss Franc. | 1 |
| FI-02 | What is the fiat composition of the protocol's collateral or reserves?WIR credits are created through bank lending secured by member assets (primarily real estate mortgages in Switzerland). The collateral is Swiss real estate and business assets, all denominated in CHF. WIR Bank also holds CHF reserves as part of its FINMA-regulated capital structure. The entire collateral and reserve base is CHF-denominated and Swiss-jurisdiction-dependent. | 2 |
| FI-03 | Does the protocol depend on fiat banking infrastructure to function?WIR IS fiat banking infrastructure. WIR Bank is a FINMA-regulated Swiss bank that operates the WIR currency as a banking product. The entire system runs on conventional banking rails. Without its banking license and banking infrastructure, the WIR system cannot function. | 1 |
| FI-04 | Are the protocol's price feeds and oracles fiat-denominated?All pricing is in Swiss Francs. WIR does not use price feeds or oracles in the crypto sense -- it is a banking system. All transactions, balances, and credit limits are denominated in CHF-equivalent values. | 1 |
| FI-05 | What happens to the protocol if the primary fiat currency it references collapses or depegs?If the Swiss Franc collapsed, the WIR system would be directly and immediately impaired. All WIR values are defined in CHF terms; all collateral is CHF-denominated Swiss assets. However, the counter-cyclical nature of WIR suggests it could provide residual economic activity even in a severe CHF crisis, as it did during the 1930s. A partial recovery path exists in theory through the B2B trade network, but not by design. | 2 |
| FI-06 | Does the project have a credible transition path from fiat-dominated adoption to fiat-independent operation?No consideration of fiat transition. WIR has been CHF-pegged since 1934 and shows no indication of moving toward fiat independence. The abandonment of Gesellian principles (demurrage removed 1948, "free money" doctrine renounced 1952) moved the system further toward conventional banking rather than monetary sovereignty. The new unyt digital currency (launched 2024) is also CHF-pegged. | 1 |
| FI-07 | Can local or sectoral currencies be denominated in or settle against this currency?No mechanism for local currency composability. WIR is a monolithic system operating exclusively within Switzerland. It does not serve as a base unit for other currencies. The new unyt digital currency is a separate WIR Bank product, not a local currency denominated in WIR. No third-party currencies settle against WIR. | 1 |
| FI-08 | Does the protocol define open standards for interoperability with other monetary systems?Closed system with no interoperability standards. WIR operates exclusively among its own members within Switzerland. WIR Francs cannot be exchanged for CHF (non-convertible by design). There are no open APIs, settlement standards, or cross-system protocols. Members leaving the organization cannot exchange WIR for national currency. | 1 |
Traction2x3.6
| Code | Question | Score |
|---|---|---|
| TR-01 | Is the project still active?Fully active and operational. WIR Bank reported record total assets of CHF 6.6 billion in 2024 with profit of CHF 17.5 million. The WIR currency system continues to operate, though the bank describes WIR currency demand as "sluggish" with declining usage in recent years. The bank itself is growing strongly through its CHF banking and VIAC pension products. | 4 |
| TR-02 | How long has the project been in existence?Founded in 1934 -- over 90 years of continuous existence. One of the longest-operating complementary currencies in world history. Banking license since 1936. | 5 |
| TR-03 | How many active users does the project have?Approximately 60,000-62,000 member businesses, with some sources citing 45,000 SMEs plus 15,000 individual owners/employers. Additional sources cite 76,000 members and note approximately 25% of Swiss businesses participate to some degree. This places WIR in the 10K-100K range. | 3 |
| TR-04 | How many businesses or organizations accept the project's currency?Between 45,000 and 60,000 Swiss SMEs accept WIR Francs across hospitality, construction, manufacturing, retail, and professional services. This represents approximately 17-25% of all Swiss businesses. The WIRmarket digital directory serves as the business directory. This clearly exceeds the 10,000+ threshold. | 5 |
| TR-05 | Is the currency used as a unit of account?WIR is used as a unit of account within the B2B network. Businesses price goods and services in dual-currency terms (e.g., "75 WIR, 25 CHF"). Invoices, contracts, and transactions within the network denominate in WIR. However, WIR is not used independently -- it always appears alongside CHF. External pricing in CHF still dominates, and the 1:1 peg means WIR is effectively CHF with restricted circulation. | 3 |
| TR-06 | Is the founder or core team still actively working on the project?Original founders (Zimmermann and Enz) are long deceased, but WIR Bank has strong successor leadership with clear institutional continuity. The bank has professional management, a board of directors, and operates as a regulated institution with approximately 230-280 employees across eight Swiss branches. CEO Bruno Stiegeler has led through recent periods. | 5 |
| TR-07 | What partner organizations or institutions support or integrate the project?WIR Bank operates within the Swiss banking association framework, is regulated by FINMA, participates in esisuisse deposit protection. Technology partner ti&m AG supports digital transformation. The VIAC pension product has attracted 118,000 customers. WIR participates in TWINT (Swiss mobile payment system). Multiple institutional relationships, though mostly within the Swiss banking ecosystem. | 4 |
| TR-08 | Is the project covered or recognized by credible external sources?Extensive academic research: Stodder (2009, Journal of Economic Behavior & Organization), Stodder & Lietaer (2016, Comparative Economic Studies). Covered in peer-reviewed literature on complementary currencies. Referenced in policy discussions about monetary stability. Studied by the Schumacher Center for a New Economics and multiple university researchers. Media coverage in Swiss and international financial press. | 5 |
| TR-09 | Is adoption organic -- not dependent on subsidies, incentives, or mandates?Primarily organic. Businesses join WIR because it provides access to low-cost credit and a network of trading partners. No token incentives, airdrops, or subsidies drive adoption. The commercial utility of the network (cheaper loans, new customers) is the primary driver. The new unyt currency does offer a 5% bonus (105 unyt for 100 CHF), which is incentive-driven. However, core WIR adoption is organic. | 4 |
| TR-10 | What is the growth trend over the past 12 months?Mixed. WIR Bank overall is growing strongly (record assets, profit up 9.1% in 2024, VIAC pension product booming). However, the WIR complementary currency specifically shows "continued sluggishness" and declining demand, attributed to the persistent low-interest-rate environment reducing the attractiveness of cheap WIR loans. The bank is growing; the WIR currency is declining. | 2 |
| TR-11 | Does the project have a coherent narrative and cultural identity that drives long-term commitment?Strong founding narrative rooted in Depression-era self-help economics and Gesellian monetary theory. The cooperative principle ("putting buying power at each other's disposal") provides a clear mission. Cultural identity as "the strongest SME network in Switzerland." Annual WIR-Expo trade fair in Zurich and regional WIR-Partner-Networks provide cultural reinforcement. However, the drift toward conventional banking since 1952 (renouncing "free money" doctrine) has diluted the original monetary reform vision. Community engagement is primarily transactional. | 3 |
Sovereignty1.3
| Code | Question | Score |
|---|---|---|
| SO-01 | Can any single entity shut down the project?Yes. FINMA (Swiss financial regulator) can revoke WIR Bank's banking license, which would shut down the WIR currency system. Additionally, the Swiss government could change banking regulations to prohibit complementary currencies. WIR Bank's board of directors could also decide to discontinue the WIR currency product. Multiple single entities have shutdown capability. | 1 |
| SO-02 | Is the project's core infrastructure permissionless and self-hostable?Fully proprietary and closed-source. WIR Bank's technology infrastructure is built on conventional banking systems, recently modernized with ti&m Banking platform. No open-source components. Users cannot verify, fork, or self-host any part of the system. The WIR currency system can only be accessed through WIR Bank's proprietary infrastructure. | 1 |
| SO-03 | Is the project subject to the jurisdiction of a single nation-state?Fully dependent on Swiss jurisdiction. WIR Bank Genossenschaft is a Swiss cooperative registered and headquartered in Basel, regulated by FINMA, subject to Swiss banking law. All operations are exclusively within Switzerland. Cannot operate without Swiss legal permission. | 1 |
| SO-04 | Does the project control or custody user funds?Fully custodial. WIR Bank holds all WIR balances in its centralized account system. Members have no direct control over their WIR funds -- all transactions must be processed through the bank's systems. There is no self-custody option. Members cannot hold WIR outside of WIR Bank accounts. | 1 |
| SO-05 | Is the project resilient to key-person risk?Strong institutional continuity. As a 90-year-old cooperative bank with professional management, WIR is not dependent on any single individual. The bank has survived multiple leadership transitions. The cooperative structure with a board of directors and general assembly provides succession mechanisms. No single person's departure would materially impair operations. | 4 |
| SO-06 | Does the project depend on any third-party service that could be revoked?Critical dependency on Swiss banking infrastructure: FINMA license, Swiss Interbank Clearing (SIC), esisuisse deposit protection, and technology partners (ti&m AG). However, these are all stable, established Swiss institutions. The FINMA dependency is the most significant -- license revocation would be existential. | 2 |
| SO-07 | Can the project be censored -- can specific users or transactions be blocked?Full censorship capability. As a regulated Swiss bank, WIR Bank can and must freeze accounts, block transactions, and report suspicious activity as required by Swiss AML law. The bank has the technical and legal capability to block any member at any time. This is not optional -- it is legally mandated. | 1 |
| SO-08 | Does the protocol protect transaction privacy as a monetary right?No privacy protection as a monetary right. As a regulated bank, WIR Bank maintains full transaction records and is required to share them with regulatory authorities and tax agencies. Swiss banking secrecy has been significantly eroded in recent decades. Transaction data is visible to the bank operator and subject to government access. However, Swiss data protection law (DSG) provides baseline privacy protections compared to many jurisdictions. | 2 |
| SO-09 | Does the technology enforce the project's monetary rules such that governance cannot silently override them?No technological enforcement. WIR's monetary rules are institutional policies of WIR Bank, not code-enforced constraints. The bank can change interest rates, credit policies, membership terms, and operational rules at its discretion (subject to FINMA regulation). The 1952 renunciation of the "free money" doctrine and the 1948 removal of demurrage demonstrate that fundamental monetary rules have been changed by management decision. Rules are policy documents, not technological constraints. | 1 |
Governance2.7
| Code | Question | Score |
|---|---|---|
| GO-01 | How are decisions about the project made?Cooperative governance structure. WIR Bank operates as a Swiss Genossenschaft (cooperative) with a board of directors, management team, and general assembly of members. Major strategic decisions are made by the board, operational decisions by management, and constitutional changes require approval at the general assembly. The governance process follows Swiss cooperative law (OR Art. 828ff) and FINMA corporate governance requirements. | 4 |
| GO-02 | Who has voting or decision-making power, and how is that power distributed?Cooperative one-member-one-vote principle. To become a voting member, participants must have used WIR for two years and own 10 cooperative shares (blocked during membership). All voting members have equal voting rights at the general assembly regardless of their WIR usage volume. Power is distributed across thousands of member businesses. However, day-to-day decisions are made by professional management and the board. | 3 |
| GO-03 | Is the governance process -- and the monetary mechanism itself -- transparent and publicly auditable?Governance outcomes are public through annual reports and general assembly proceedings, as required by Swiss cooperative law and FINMA regulation. Financial statements are externally audited. However, the monetary mechanism (WIR credit creation, lending decisions) is a standard banking operation -- not publicly auditable in the way a blockchain protocol would be. Governance deliberation happens through normal corporate channels, not public forums. | 3 |
| GO-04 | Can governance be captured by a small group or hostile actor?Cooperative structure provides capture resistance. One-member-one-vote prevents plutocratic takeover. The 2-year participation requirement and 10-share ownership threshold for voting rights create barriers against hostile acquisition. Swiss cooperative law provides additional protections. However, the board of directors and management team hold significant day-to-day power, and institutional capture through board positions remains possible. | 3 |
| GO-05 | How are upgrades and changes to the protocol or project proposed and executed?Changes to the cooperative's statutes require general assembly approval. Operational changes are made by management within the board's mandate. Strategic decisions are proposed by the board and discussed at the general assembly. This follows standard Swiss cooperative governance -- structured but not blockchain-style transparent. The 1948 demurrage removal and 1952 doctrine change demonstrate that fundamental monetary rules can be changed through governance. | 3 |
| GO-06 | Is there a separation between governance over monetary policy and governance over operational decisions?No formal separation. WIR Bank's board and management control both monetary policy (WIR interest rates, credit limits, lending policies) and operational decisions (branch operations, technology, staffing). The cooperative's general assembly can influence both, but there is no structural distinction between monetary and operational governance. The 1948/1952 changes to core monetary design (demurrage removal, doctrine renunciation) were made by the same governance structure that handles routine operations. | 2 |
| GO-07 | Does the project have a constitution, charter, or set of immutable principles?The cooperative has statutes (articles of association) which state its purpose as "encouraging participating members to put their buying power at each other's disposal and keep it circulating within their ranks." These can be amended by the general assembly. The original Gesellian principles were formally renounced in 1952, demonstrating that founding principles are not immutable. The statutes provide a formal framework but no core principles are protected from governance override. | 2 |
| GO-08 | Can the project's issuance rules be changed, and are monetary policy changes subject to stronger constraints than operational changes?Issuance rules (WIR lending policies, interest rates, credit limits) are set by bank management and board within FINMA's prudential framework. No special constraints distinguish monetary policy changes from operational ones. The historical record proves this: demurrage was removed in 1948, the "free money" doctrine was renounced in 1952, and interest was introduced on WIR credits -- all through normal management decisions. FINMA regulation provides external constraint, but the bank has wide latitude on WIR monetary parameters. | 2 |
Resilience3.7
| Code | Question | Score |
|---|---|---|
| RE-01 | Has the project survived a major crisis or adversarial event?WIR has survived multiple severe crises over 90+ years: the aftermath of the Great Depression (founded during it), World War II, multiple Swiss economic cycles, the 2008 global financial crisis, and the COVID-19 pandemic. During COVID, WIR Bank's CEO stated they had "no credit defaults due to the COVID crisis." The counter-cyclical nature means WIR usage actually increases during recessions. This is the most battle-tested complementary currency in the world. | 5 |
| RE-02 | Does the project have redundancy in its critical infrastructure?As a FINMA-regulated bank with eight branches across Switzerland, WIR Bank maintains standard banking-grade infrastructure redundancy including data centers, backup systems, and business continuity planning as required by regulation. The centralized nature means all infrastructure is controlled by one entity, but that entity maintains professional-grade redundancy. | 3 |
| RE-03 | Can the project recover from a catastrophic failure?Partial recovery possible. WIR Bank's data is backed up as per banking regulations. FINMA's regulatory framework includes recovery and resolution planning for banks. The cooperative structure and member relationships could theoretically be reconstituted. However, recovery depends entirely on the bank's own systems and personnel -- no external team could independently rebuild the WIR system from public information. | 3 |
| RE-04 | Is the project's design simple enough to be maintained and understood long-term?Core mechanism is elegant and well-understood: a mutual credit / complementary currency system where a bank issues credit in a parallel unit at par with the national currency. The concept is simple enough to explain in one page, and has been documented extensively in academic literature. The banking operations around it are standard. New contributors to the concept can understand it quickly, though the banking operations require banking expertise. | 4 |
| RE-05 | Is the project dependent on a specific technology that could become obsolete?Technology-agnostic by design. The WIR concept predates digital technology entirely (founded 1934). It has successfully migrated from paper certificates (1934-) to electronic ledger systems to modern digital banking (ti&m Banking platform). The core concept of mutual credit can be implemented on any technology stack. The current ti&m platform is a standard banking system that can be replaced. | 5 |
| RE-06 | How does the project handle economic stress (bank runs, liquidity crises, collateral crashes, inflation/deflation shocks)?Demonstrated exceptional performance under economic stress. Academic research proves WIR is counter-cyclical -- usage increases during recessions, providing economic stability. The non-convertibility of WIR prevents bank runs (you cannot withdraw WIR as CHF). During COVID, the bank reported zero credit defaults. WIR mortgages at low interest rates (as low as 1%) provide a buffer for members during tight credit conditions. This is one of the strongest empirical records of any complementary currency. | 5 |
| RE-07 | Does the project have sustainable funding for long-term maintenance?Self-sustaining. WIR Bank is a profitable bank (CHF 17.5 million profit in 2024) with CHF 6.6 billion in total assets and CHF 627.4 million in equity. Revenue comes from interest income on WIR and CHF loans, transaction fees, and banking services. The bank has been financially self-sustaining for decades. No dependence on external fundraising, grants, or token appreciation. | 5 |
| RE-08 | Can the system operate across extreme latency, disconnected networks, and multi-century timescales?The WIR concept has already demonstrated multi-century-timescale viability (90+ years and counting). The core concept is simple enough to be reimplemented across technology generations (paper to electronic to digital). However, the current system requires always-on banking infrastructure and real-time connectivity to WIR Bank's servers. High-latency or disconnected operation is not supported by the current implementation. The concept could be adapted, but the implementation cannot. | 3 |
| RE-09 | Is the system designed for a world where AI agents are primary economic actors?Not designed for machine participants. WIR Bank requires human identity verification (KYC), business registration, and manual membership processes. The WIRpay app and WIRmarket are designed for human interaction. There are no APIs for programmatic access to the WIR payment system by AI agents. The system assumes human participants throughout. | 1 |
Inclusivity2.6
| Code | Question | Score |
|---|---|---|
| IN-01 | Can anyone in the world participate regardless of nationality, wealth, or status?Restricted to Swiss businesses. Only registered Swiss SMEs can join the WIR payment network. Participation requires a Swiss business address, WIR Bank account opening (with KYC), and acceptance into the cooperative. Non-Swiss businesses, individuals without businesses, and foreign nationals without Swiss business registration are excluded. Since 2000, individual employees/owners can also participate, but the system remains Swiss-only. | 2 |
| IN-02 | What is the minimum cost to start using the project?Moderate cost. Cooperative membership requires purchasing 10 shares (CHF 200 mentioned as share cost). Banking account opening involves standard compliance fees. WIR Bank's KMU-Paket (SME Package) serves as the entry point. Annual membership fees apply. This creates a meaningful but not prohibitive barrier for Swiss businesses. | 3 |
| IN-03 | Does the project actively serve underbanked or financially excluded populations?Not designed for the underbanked. WIR serves established Swiss SMEs -- businesses that already have access to conventional banking. The system was designed to help SMEs access additional credit and trading partners, not to bank the unbanked. Switzerland has one of the highest banking inclusion rates globally. However, WIR does serve smaller businesses that might have difficulty obtaining conventional credit, providing them with low-cost WIR loans. | 2 |
| IN-04 | Does the project distribute economic benefits -- including seigniorage -- broadly, or concentrate them among insiders?Mixed. As a cooperative, WIR Bank distributes profits to members via dividends (CHF 11 per share in 2024, 2.2% yield). The cooperative structure means all members share in economic benefits. WIR loans at below-market interest rates benefit all participating businesses. However, the bank itself extracts seigniorage through interest on WIR loans (at low but nonzero rates), and management/employees capture a significant portion of value through salaries. The cooperative structure ensures broader distribution than a for-profit company. | 3 |
| IN-05 | Does the project treat all participants equally under the same rules?Generally equal treatment under cooperative rules. All WIR members access the same payment network and can trade on the same terms. The one-member-one-vote cooperative structure ensures governance equality. However, credit limits are individually set by the bank based on business size and creditworthiness, creating tiered access to WIR credit. Larger businesses may receive larger credit lines. This is standard banking practice but creates inequality in effective participation. | 3 |
| IN-06 | Does the project require identity documentation or surveillance to participate?Government-issued ID and comprehensive KYC required. As a FINMA-regulated bank, WIR Bank must perform full KYC/AML verification on all account holders, including business registration documents, beneficial ownership identification, and ongoing transaction monitoring. This is legally mandated and not optional. Creates a comprehensive surveillance relationship with the bank operator. | 2 |
| IN-07 | Does the project have mechanisms to prevent wealth concentration over time?The cooperative structure provides some anti-concentration features: one-member-one-vote prevents governance capture by large members. WIR credits cannot be accumulated as investment assets (non-convertible to CHF). The original demurrage mechanism (1934-1948) was explicitly designed to prevent hoarding, but was removed. Currently, no active anti-concentration mechanism exists, though the non-convertibility of WIR naturally limits speculative accumulation. | 3 |
Frequently Asked Questions
What is WIR Waehrung (WIR Currency / WIR Franc) and what problem does it solve?
WIR Waehrung (WIR Currency) is a Swiss complementary currency system operated by WIR Bank Genossenschaft (WIR Bank Cooperative), a FINMA-regulated Swiss cooperative bank headquartered in Basel. Founded in 1934 by Werner Zimmermann and Paul Enz during the Great Depression -- inspired by Silvio Gesell's "free money" theories -- WIR is one of the oldest and most successful complementary currencies in the world.
How is money created in WIR Waehrung (WIR Currency / WIR Franc)?
Restricted to approved entities. Any Swiss SME can apply, but membership requires WIR Bank approval, KYC as mandated by FINMA banking regulation, payment of fees, and acceptance of cooperative rules. Credit limits are set by the bank.
How does WIR Waehrung (WIR Currency / WIR Franc) maintain stable spending power?
WIR Bank maintains its 1:1 CHF peg through institutional banking mechanisms: controlled lending (credit creation in WIR), interest rate management, FINMA-regulated reserve requirements, and administrative peg enforcement. This is a reactive mechanism with institutional oversight -- the bank adjusts lending and manages the WIR money supply to maintain parity.
Is WIR Waehrung (WIR Currency / WIR Franc) independent from fiat currencies?
Hard-pegged 1:1 to the Swiss Franc. The WIR Franc (CHW) is explicitly defined as equivalent to 1 CHF. All pricing, credit limits, and transactions are denominated in CHF-equivalent terms.
Who controls WIR Waehrung (WIR Currency / WIR Franc) and can it be shut down?
Yes. FINMA (Swiss financial regulator) can revoke WIR Bank's banking license, which would shut down the WIR currency system. Additionally, the Swiss government could change banking regulations to prohibit complementary currencies.
How widely adopted is WIR Waehrung (WIR Currency / WIR Franc) today?
Approximately 60,000-62,000 member businesses, with some sources citing 45,000 SMEs plus 15,000 individual owners/employers. Additional sources cite 76,000 members and note approximately 25% of Swiss businesses participate to some degree. This places WIR in the 10K-100K range.
Is WIR Waehrung (WIR Currency / WIR Franc) still active and growing?
Fully active and operational. WIR Bank reported record total assets of CHF 6.6 billion in 2024 with profit of CHF 17.5 million. The WIR currency system continues to operate, though the bank describes WIR currency demand as "sluggish" with declining usage in recent years.
What are the main risks or weaknesses of WIR Waehrung (WIR Currency / WIR Franc)?
Fiat Independence (1.3/5.0) and Sovereignty (1.3/5.0) are the weakest categories: because WIR is fundamentally a product of the Swiss banking system, not an alternative to it. The 1:1 CHF peg, FINMA regulation, mandatory KYC/AML, full custodial control, and closed proprietary infrastructure create near-total dependence on fiat banking infrastructure and state permission.
What makes WIR Waehrung (WIR Currency / WIR Franc) unique from an M69 perspective?
Strongest category: Resilience (3.7).
How is WIR Waehrung (WIR Currency / WIR Franc)'s M69 Score calculated?
WIR Waehrung (WIR Currency / WIR Franc) scores 2.7/5.0 overall. Pillar scores: Monetary Sovereignty 2.6, Civilizational Durability 2.6, Universal Adoption 3.3. Strongest: Resilience (3.7). Weakest: Sovereignty (1.3).